The process of licence applications by Microfinance Banks (MFBs) has been changed with the introduction of an online portal by the Central Bank of Nigeria (CBN).
The portal, known as the CBN Licensing, Approval and Other Requests Portal (CBN LARP) was unveiled recently by the apex bank for submission of MFB licence applications and will go live from September 25, 2023 for intending MFB license applicants.
This was disclosed in a statement by the CBN’s Director of Corporate Communications, Isa AbdulMumin, who shared details of the new platform and how prospective MFBs can proceed with the registration on the CBN LARP.
AbdulMumin further disclosed that in due course, the apex bank will approve the extension of the online platform to accommodate other licence categories.
The statement added, “The new online platform will eventually replace the current manual process wherein prospective applicants for MFB licence physically submit their applications to the CBN. In due course, the Bank will extend the platform to other categories of licences.
“The online application system offers numerous benefits, including a simplified process, time savings, enhanced communication, and robust security measures. By digitising the application process, the Bank aims to improve accessibility, reduce paperwork, and expedite licence approvals, benefiting both applicants and the economy.”
Prospective MFB applicants have been advised to log on to www.larp.cbn.gov.ng to submit the applications for MFB licence. Meanwhile, the deadline for manual submissions of hardcopy MFB licence applications has been fixed for December 31, 2023.
The apex bank also announced that the online platform will replace the current manual process after the deadline.
While explaining the reasons for setting up the online platform, the CBN stated that it aimed to fully digitise the license application process in order to improve accessibility, reduce paperwork, and expedite licence approvals, benefiting both applicants and the economy.
